Intangible assets valuation applying real options - the case of players’ registration rights

Dawid Garstecki , Małgorzata Macuda


Football clubs are speci c entities due to the fact that the state- ment of nancial situation (the balance sheet) includes intangible as- sets – mostly the players’ registration rights – as major part of all assets. e value of a player’s registration right depends on his purchase price, which is preceded by the valuation of a particular footballer transfer. Most frequently, in order to assess the player transfer pro tability, the discounted cash ow (DCF) method is used. According to the Authors, it may lead to underpricing the value of the a player’s registration right disclosed in the nancial statement, and simultaneously to the partial realization of the superior accounting principle – the true and fair view 74 Dawid Garstecki, Małgorzata Macuda principle, as this method does not consider the decisive exibility (pos- sibility to take a particular decision in course of investment). e aim of this paper is to present the Authors’ proposition to apply the real op- tions method in the footballer transfer valuation, which makes the in- tangible assets (players’ registration rights) value, disclosed in nancial statements, more realistic in the light of the true and fair view principle. e real options method serve to value the high-risk strategic invest- ments. e footballer transfer is perceived as such kind of investment due to the high level of investment expenditures and the fact that va- rious dangers may occur in its realization, such as: footballer’s injury or bad physical condition.
Author Dawid Garstecki (WZ / KR)
Dawid Garstecki,,
- Department of Accounting
, Małgorzata Macuda (WZ / KR)
Małgorzata Macuda,,
- Department of Accounting
Publication size in sheets1.05
Book Sichel Ricardo Luiz (eds.): Intellectual property rights and management accountability: a new perspective, 2017, Gramma Livraria e Editora, ISBN 978-85-5968-122-2, 199 p.
Keywords in Englishintangible assets, players’ registration rights, real options, valuation of footballer transfer
Languageen angielski
Score (nominal)5
Score sourcepublisherList
ScoreMinisterial score = 5.0, 09-04-2020, MonographChapterAuthor
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